Crude markets rise around 80 cents on US stocks

29 October 2008 15:07  [Source: ICIS news]

LONDON (ICIS news)--Crude oil markets rose by about 80 cents on Wednesday when this week’s US Stock figures showed a smaller than anticipated build on crude stocks and an unexpected draw on gasoline.

 

This added to earlier gains as the US dollar weakened and stock markets firmed on expectations of a cut in US interest rates.

 

However, there was a larger than anticipated build on distillates stocks to counter the upward trend.

 

December NYMEX light sweet crude futures rose from around $66.80/bbl before the Energy Information Administration (EIA) figures were published to hit a high of $67.60/bbl, a gain of $4.87/bbl from Tuesday’s close.

 

However, it then lost ground and at 14:45 GMT, December NYMEX crude was trading around $66.40/bbl, up $3.67/bbl from Tuesday’s close of $62.73/bbl.

 

On ICE Futures, December Brent also gained ground, rising from around $64.60/bbl before the figures were published to hit a high of $65.20/bbl. At 14.45 GMT, December Brent was trading around $64.25/bbl, up $3.96/bbl from Tuesday’s close of $60.29/bbl.

 

Analysts’ predictions for this week’s  figures were that they would show builds on crude stocks of about 1.4m bbl, on distillate of around 800,000 bbl and on gasoline of around 1.2m bbl.

 

U.S Stocks (million bbl)	w/e 24.10.08
	EIA	Change	API	Change
Crude	311.9	+0.5	307.6	+1.4
Gasoline	195.0	-1.5	193.6	-0.8
RFG	1.3	n/c	1.2	n/c
Distillate	126.6	+2.3	128.4	+2.6
Heating Oil	38.7	+0.4	39.8	+0.7
Jet Kerosene	36.0	-0.6	37.2	-0.9

To discuss issues facing the chemical industry go to ICIS connect

By: Tony Dillon
+44 20 8652 3214

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 30 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly